Kettle and Hob means Fob (Watch)
Perhaps the most confusing of all rhyming slang expression, because the derivation of Kettle from the word "watch" is unclear - until you know a little bit about the history of watches that is.
Kettle is the shortened form of Kettle and Hob - think of the oven range in an old fashioned house, with its kettle boiling away on the hob.
When pocket watches first became fashionable, they were held against the body by use of a small chain. The watch then slipped into the pocket and could be easily extracted without dropping it. These were called fob watches, and it's from this expression that we get Kettle and Hob for watch.
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Kettle and Hob
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